Receiving Tax Deductions for Charitable Contributions

November 2017

Helping others that are less fortunate than yourself is always a great investment. Donating to qualified organizations will not only benefit people in need, but may also help lower your tax bill. Here is some helpful information to ensure you receive proper charitable deductions on your tax return.

Tax Deductions and Charitable Donations

All deductions must be filed on Form 1040 and each one itemized on Schedule A.

Make sure whomever you donate to is a qualified organization to ensure the tax deduction is legitimate.

Be sure to have proper proof of all your donations regardless of price. For all cash contributions you will need either records of payroll deductions, bank verification, phone bill records (for text message donations) or documentation from the organization providing date of contribution, and the amount provided.

A single donation of cash or property valued at $250 or more requires written acknowledgement by the organization with amount of cash or exchange, date, description of item, and the name of the organization. When your total donations for the year are valued over $500, it would require an IRS Form 8283 with your return.

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